NeurOp, Bristol-Myers sign drug development deal

Privately held NeurOp Corp. said Tuesday it signed a drug development deal with Bristol-Myers Squibb Co. potentially worth more than $74 million.

NeurOp focuses on potential treatments for depression and central nervous system disorders.

Under the deal, NeurOp will receive an upfront fee of $1.5 million and funding for a two-year research collaboration. In addition, NeurOp is eligible to receive up to $74 million in potential milestone payments.

"We are excited about the research agreement with Bristol-Myers Squibb because of their commitment to neuroscience drug development," said NeurOp President and CEO Barney Koszalka in a statement.

Shares of Bristol-Myers, based in New York, rose 23 cents to $26.91 in morning trading.